Bitcoin has been catching its breath over the past few days, but the strong rally seen recently has not gone unnoticed. A survey conducted among US financial service companies by crypto firm Paxos shows that 99% of the firms are focusing more on crypto projects this year compared to previous years. What are the vital support levels that can halt the decline in Bitcoin and altcoins? We are examining the three most popular altcoins for this purpose.
BNB Chart Analysis
Investors are struggling to push BNB above the general resistance level of $260. The progressively rising 20-day EMA level of $240 is a positive sign for the buyers, as indicated by the RSI in the positive territory. If the price turns up from the current level or rebounds from the 20-day EMA, investors might try to pull the price back to the neckline of the inverse head and shoulders formation.
Conversely, if the price falls below the moving averages, the bulls could lose control. Furthermore, BNB could fall to the strong support of $223 in the future and show a movement bound within the range between $223 and $260.
XRP Chart Analysis
XRP continues to witness a tough battle between bulls and bears at the moving averages. Accordingly, the 20-day EMA level of $0.63 and the RSI near the midpoint suggest a balance between supply and demand. If the price closes below the moving averages, the XRP/USDT pair could fall to $0.56. A break below this level could send the pair down to $0.46.
Otherwise, if the price recovers from the moving averages, XRP will attempt to rise above $0.67 again. If this scenario materializes, XRP could climb to $0.74. Analysts expect the bears to mount a strong defense at this level.
Solana Chart Analysis
Solana jumped to the 20-day EMA level of $66 on December 13 and broke above the general resistance level of $78 seen on December 15. If buyers maintain the breakout, the SOL/USDT pair could leap to the psychological level of $100.
The upward sloping moving averages signal an advantage for the bulls, but a negative divergence on the RSI level warns that the rise in momentum could weaken. An important support to watch on the downside is the 20-day EMA. A break and close below the 20-day EMA level could initiate a pullback towards the 50-day SMA level of $55.
